All Forum Posts by: Kyle Swarts

@J Scott that is greatly helpful, thank you. Any recommendations on reading material that could go into more depth on creative financing?

@Cameron Tope I responded to J. But basically different possibilities to structure a deal that benefits myself and entices an investor/partner.

If you can even point me to any reading material already discussing something similar that would be helpful.

Any advice is greatly appreciated. Sorry format isweird, I'm on mobile.

@George W. Yeah, even if it ran higher, the avg home price in my area is 185k. Those are for like 3/2s in a subdivision with a .25 acre lot. So including a 7 acre property, with anything that this place has as well. I think if you got it looking right, it could be valued at 250k or more.

Obviously I'm super noob and this might not even be a feasible flip, but I'm just looking at different scale options.

@J Scott different options on how to creatively finance this. Partnerships, HML, a mixture of the two. Not sure how or what would be a good way to even structure that sort of deal to benefit myself and a potential investor.

Hey guys I'm wondering about a few different finance options on a larger scale flip.

I found a 4 bed 2.5 bath on 6.8 acres about to go into foreclosure. It's been on market around 100 days, they're asking 115k for it. I think with the time on market and the amount of work needed, I'm thinking 90k for this property with around 70k in rehab.

It has the bones to be a great sell. The almost 7 acres, in ground pool, 4 car garage, but it needs work. Fencing completely replaced, garage needs to be rebuilt only the foundation is good, yard needs to be cleaned up. Inside is not terrible, but it needs to be basically gutted and updated.

@Joseph Brown if they're really cleaning the city up, it could eventually trickle over.

@Joseph Brown how did you finance your property? Man, if it's going for 127 around the block, definitely smart to rent IMO.

I hadn't even thought of renting to section 8, not a bad idea. I think as long as you're cash flowing something and can keep it paying off w.e obligations you have on it, hold that sucker.

@Michael Kinsella ok makes sense. Yes I planned on doing an HML for the initial costs, just never heard that acronym before Haha.

That's essentially why I'm inquiring about a refi to pay that back. I would guess they have other payment options available potentially as well? A friend that builds houses for a living actually gave me her lenders number. So I think I potentially have my foot in the door.

The property is gutted on the inside, but doesn't look half bad on the exterior.

Realistically I'm unsure about it all, but it seems like as good of an opportunity as any to start my REI career.

I'm hoping to establish a good relationship with this lender and start making moves deal after deal.

@Michael Kinsella any information is helpful! Can you elaborate on what LTV and HML mean exactly? I didnt know there was a non traditional way to refi haha

Completely green here. Listened to about the first 90 episodes of the BPP and done a little independent research.

I'd like to start building my passive income portfolio, but maybe a simple buy and sell may be better to start?

I found a 2 bed 1 bath listed at $5,000.

Thinking around 35-40 to rehab. Want to rent and refi to repay potential investor.

Want to update garage, clean up yard add fence, and update to a 3/2. Believe it could rent for over $1000 monthly.

Main question is how long until I could refi and are there strict requirements on this?